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If you are an NRI looking for convenient money transfer options, then you are in the right place. Axis Bank offers NRIs the NRO Recurring deposit. The benefits of NRO Recurring deposit include convenient fund transfers, a flexible tenure, repatriability and a tax-free interest. Before applying for the Axis Bank NRO Recurring deposit, be sure to check your eligibility for the same. Also make sure that you have all the documentation ready for the application.
Transfer funds every month from your NRE/NRO Savings Account
Minimum instalment of Rs. 1,000 only; and in multiples of Rs. 500 thereafter
Tenure can range from 1 year to 10 years
Attractive interest rates available
Free Internet Banking allows 24-hour access to your account from anywhere at any time
Competitive exchange rates available when converting foreign currency into Rupees
Reduced TDS benefit under DTAA
For all new Reinvestment Term Deposits to be opened on and after 1st August, 2013 and all existing Reinvestment Term Deposits that may be renewed on and after 1st August, 2013, interest reinvested would be net of TDS and hence the maturity value would vary to that extent.
